Thomas Miller & Co Ltd.
Thomas Miller & Co Ltd (Millers) is an independent professional company, founded in 1884. Its principal activity is the management of specialised mutual (i.e. co-operative) insurance companies known as “Clubs” and the provision of other insurance-related services.
Millers, having for most of its history been a partnership, was incorporated in April 1999. It has no financial connection with any market insurer or insurance broker.
Millers’ worldwide staff numbers some 550 in eighteen offices and includes many who have worked in various branches of the shipping and transport industry, such as ship owning, ship management, ship agency, freight forwarders and port operations, as well as many with seagoing experience. The rest of the executive staff is drawn from a number of relevant professional disciplines such as insurance, accounting, actuarial, investment and, especially, law.
Millers has become a recognised leader in the use of IT in insurance and is now working to turn all its systems outward towards the customer through the Internet.
Millers also has specialisms in risk assessment and loss prevention, particularly in respect of the intermodal transportation of hazardous goods. Part of the marine loss prevention programme for Club members includes training videos, loss prevention newsletters and publication of the results of issues leading to major claims (presented in an anonymous fashion).
Millers is, therefore, best placed to assess the cost-benefit of introducing new safety and security systems for its member user groups.
A clear example of Millers’ abilities to combine its skills to solve a problem was the establishment of the Bolero business which was brought about by a combination of innovation, diplomacy, negotiating skills, IT understanding and legal experience.
S.W.I.F.T., the banks’ payment network operator, joined with Millers to develop neutral stewardship of the Bolero scheme and in 1995 the pilot users in the EU-sponsored project formed the Bolero Association. The work with S.W.I.F.T. resulted in the creation of a joint venture between S.W.I.F.T. and the Through Transport Club (see below).
The Bolero project team worked in Millers’ office from 1997 – 1999, during which time Millers provided project management and project audit services, helped to establish a Joint Project Board and was involved in the arrangement of first and second round funding. Millers has, therefore, provided a vital nurturing environment for Bolero which has given it a strong basis on which to develop its global business.
The transport businesses managed by Millers are:
- The UK P & I Club – This Club is the world’s largest insurer of third party liabilities for ocean-going ships and has been managed by Millers since 1884. It protects the owners and charterers of over 20% of the world’s merchant fleet (i.e. over 100 million gross tonnes) for exposure from a wide range of risks, from crew illness through to oil pollution. It has a pre-eminent position in the insurance of bulk carriers, tankers and passenger vessels.
- The Through Transport Club – This Club is the world’s leading provider of insurance cover for equipment and liability insurance for the multi-modal industry as a whole. It covers ship operators, marine terminals, stevedores, port authorities, inland clearance depots, container storage depots, freight forwarders and other transport operators in over 80 countries. The Club has a total of over 5,000 companies insured. Its key market position is illustrated by the fact that it insures about 70% of the world’s container stock (including 75% of the top 20 operators), three out of four of the world’s largest freight forwarders and many terminal operators in the world’s largest container ports.
- International Transport Intermediaries Club – This Club is the world’s leading provider of professional indemnity and public liability insurance for ship agents, marine surveyors, ship brokers, ship managers and similar businesses. The membership numbers some 1,200 companies across 80 countries.
Through its management of these and other transport insurance business, Millers has relationships with owners/managers of at least 50% of the world’s ocean-going fleet.
- A unique relationship with the shipping and transport industry – Millers has, for over 100 years, provided management services for mutual insurance companies for the shipping and transport industry worldwide. These Clubs have a substantial membership of ship owners who own or manage some 50% of all the world ships. They also insure many of the leading players in other sectors of the shipping and transport industry. Insurance requires an understanding of many parts of this business sector and Millers has a unique insight into the industry through its special relationship with the management of many of its leaders.
- Unique trusted third party status – Millers has built its business and reputation on being a neutral and trusted third party. Not only does it have a unique relationship with its customers but also with national and international industry bodies.
- Unique experience in e-commerce – Millers has substantial experience of developing systems and introducing on-line services, communications, e-mail and e-commerce. It was Millers’ foresight that played a pivotal role in bringing about the Bolero joint venture between the Through Transport Club (TT Club) and S.W.I.F.T. to develop the only major e-commerce solution for world trade (www.bolero.net).
- Unique and authoritative content – Millers has for many years been a publisher of authoritative material on the risk management of the shipping and transport industry. Recently it has begun to publish its material on the Internet and aggregate the works of others under the name of the Miller Encyclopaedia on TM-online. The Miller Internet Directory has extensive links to various transport sites. It also runs an internal information service providing a wide range of market information, statistics and financial data necessary to run the business.
For many years, specialist personnel within Millers have made high-level objective contributions to the development, standardisation and evolution of international transportation law and contractual and operational systems. This has included compilation of leading texts and involvement in the development of international Conventions and globally-applied transport standards.
Thomas Miller & Co Ltd
Att.: Marion Robery
26 Creechurch Lane
+44 (0)20 7204 2023
+44 (0)20 7204 2593
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